An Ethereum-based altcoin, which has recently entered the cryptocurrency market, has achieved great success, registering an increase of about 22 times in just 24 hours.
Increased 2.191 Percent in 24 Hours
The recently launched altcoin OpenDAO (SOS) has seen a surprising spike in price following its December 24 airdrop. So much so that OpenDAO has increased by about 22 times in just 24 hours after its release.
According to data from CoinMarketCap, SOS surged from $0.00000067 on Dec. 24 to an all-time high of $0.000001154 on Dec. 25, rallying 2.191% in just one day.
The OpenDAO project has launched the SOS token to reward participants of the immutable token (NFT) industry. So much so that OpenDAO began distributing SOS tokens to users of OpenSea, the largest NFT trading platform, for the airdrop on December 24.
A statement about the airdrop was made by the OpenDao team, and the following statements were included in the statement;
“SOS is grateful to all NFT creators, collectors and trading platforms for nurturing the NFT ecosystem. Special thanks to OpenSea for its leadership in promoting NFT trading.”
OpenDAO Allocates 50% of Total Supply
OpenDao, in a statement on its website, stated that 50% of the 100 trillion total SOS tokens will be allocated to those who have transacted on OpenSea since day one. It was also reported that the distribution of cryptocurrencies will vary depending on the total number of transactions a user has on OpenSea, as well as the amount of Ethereum (ETH), Dai and USD Coin (USDC) a user spends on the platform.
The rest of the tokens will be distributed as follows: 10% for liquidity provider incentives, 20% for staking incentives and 20% for OpenDAO Treasury.
SOS allocated for OpenDAO will be used to compensate victims of OpenSea scams, provide developer grants for participants of the SOS ecosystem, and support emerging artists, NFT communities and art conservation.
SOS, on the other hand, has changed direction and retreated somewhat since recording its all-time high. So much so that OpenDAO continues to trade at $0.00000631 with a decrease of 24% in the last 24 hours as of the time the content was written.